Biden plans to raise taxes on highest earners to 39.6% and capital gains to 43.4%: Stocks plummet as President launches ANOTHER raid on rich

Biden will call to roll back part of Trump cut and restore 39.6% top rate

Capital gains would jump from current 20% for big earners

The gains would also be taxed at 39.6% for those earning more than $1 million

Funds to pay for expanded child tax credit, pre-K, and labor proposals

The Dow dropped 275 points Thursday afternoon on the news

For those earning more than $1 million in high-tax states like New York and California, their total tax rate could be north of 50 per cent